2 GCA LEGISLATIVE BRANCH CH. 13 OFFICE OF FINANCE AND BUDGET

O

OFFICE OF FINANCE AND BUDGET GUAM ENABLING ACT

COL 03072011
2 GCA LEGISLATIVE BRANCH
CH. 13 OFFICE OF FINANCE AND BUDGET
1
CHAPTER 13
OFFICE OF FINANCE AND BUDGET
SOURCE: This entire chapter, unless otherwise noted, was added by P.L. 29-
002:VI:29 (May 18, 2007).
§ 13101. Legislative Findings and Intent.
§ 13102. Creation of Office.
§ 13103. Budget of Office.
§ 13104. Purpose of Office.
§ 13105. Administration of Office.
§ 13106. Duties of Office.
§ 13107. Special Accounting Service.
§ 13108. Special Economic Service.
§ 13109. Executive Branch Accounting, Financial, and Economic Services.
§ 13101. Legislative Findings and Intent.
I Liheslaturan Guåhan recognizes the need for the independent
forecasting of government revenues, with the minimum goal of adopting the
best econometric model for the government of Guam. There is a need to
compile and provide to I Liheslaturan Guåhan, I Maga’lahen Guåhan and
the public, forecasts of revenues no less than five (5) years immediately
beyond the operating budget year; expenditure information no less than five
(5) years past; consistent year-by-year analysis of the impact of federal
expenditures on Guam's economy and employment; and information related
to the formulation of short and long-term fiscal policy.
Future fiscal policy must be consistent with government
reorganization, performance-based budgeting, measurable program goals
and transparency. The present relationship between traditional and
performance-based budgeting is crucial to our fiscal maturity, a goal that
requires improved articulation and standards to measure goal-driven
objectives and practical technological applications in budget formulation.
I Liheslaturan Guåhan, therefore, hereby creates the Office of Finance
and Budget (“OFB”) to renew fiscal discipline through the practice of open
government, cooperation between the legislative and executive branches,
and the assignment of fiscal responsibility to appropriate government
COL 03072011
2 GCA LEGISLATIVE BRANCH
CH. 13 OFFICE OF FINANCE AND BUDGET
2
entities and officials, all to promote public confidence and government
efficiency.
§ 13102. Creation of Office.
There is hereby created, within I Liheslaturan Guåhan, under the
supervision of the Committee on Ways and Means, or equivalent Standing
Committee, the Office of Finance and Budget (“OFB”), organized and
operating as I Liheslaturan Guåhan may from time to time provide through
its Standing Rules.
§ 13103. Budget of Office.
The budget of the OFB shall not be included as part of I Liheslaturan
Guåhan’s annual operating budget.
§ 13104. Purpose of Office.
The OFB shall administer this Chapter and perform the responsibilities
assigned to it by law and the Standing Rules. It shall coordinate and gather
information relevant to government revenue projections, fiscal policy,
legislative appropriations, taxation, revenue collection, government
expenditures, general fund revenues, and special fund revenues.
§ 13105. Administration of Office.
The Chairperson of the Committee on Ways and Means, or equivalent
Standing Committee, shall appoint a Director who shall administer the OFB
and perform other duties as prescribed by law and the Standing Rules. The
Director shall also be responsible for any and all matters assigned to OFB
by the Chairperson of the Committee on Ways and Means, or equivalent
Standing Committee.
§ 13106. Duties of Office.
The Office of Finance and Budget shall:
(a) develop and adopt a model for Guam's existing and projected
economy that simulates the effect of revenue raising, the effect of any
proposed benefits to said economy, optional revenue generation and
the utility thereof;
(b) compile and provide to I Liheslaturan Guåhan, I Maga'lahi
and the public forecasts of revenue that do not consider new or
COL 03072011
2 GCA LEGISLATIVE BRANCH
CH. 13 OFFICE OF FINANCE AND BUDGET
3
increased taxes, fees or other revenue enhancements authorized by an
Annual or Supplemental Operating Budget Bill, but that do consider
current and prior year expenditures, surpluses and deficits;
(c) assess the impact of federal expenditures on Guam; and
(d) perform such other duties as are assigned to it by the Standing
Rules of I Liheslaturan Guåhan or the Chairperson of the Committee
on Ways and Means or the equivalent committee.
SOURCE: Added by P.L. 29-002:VI:29 (May 18, 2007). Amended by P.L. 29-
019:VI:71 (Sept. 29, 2007).
§ 13107. Special Accounting Service.
There is hereby established a Special Accounting Service work group
comprised of a senior staff member of I Liheslaturan Guåhan’s Office of
Finance and Budget; the Controller of the Department of Administration;
the Chief of the Taxpayer Services Administration Branch of the
Department of Revenue and Taxation; the Budget Analyst Supervisor of the
Bureau of Budget and Management Research; the Chief Planner of the
Bureau of Statistics and Plans; and the Chief Information Officer (CIO) of
the Bureau of Information Technology (BIT). Said Service shall meet from
time to time to discuss and develop recommendations on fiscal policy,
provide technical assistance to the Office of Finance and Budget, and share
information relative to government finances. The senior staff member of I
Liheslaturan Guåhan’s Office of Finance and Budget shall serve as
Chairperson of the Special Accounting Service.
SOURCE: Added by P.L. 29-002:VI:29 (May 18, 2007). Amended by P.L. 29-
019:VI:41 (Sept. 29, 2007).
§ 13108. Special Economic Service.
There shall be a Special Economic Service work group comprised of
the Chairman of I Liheslaturan Guåhan’s Committee on Ways and Means,
or equivalent Standing Committee; the Director of the Office of Finance
and Budget; the Public Auditor; the Director of the Bureau of Budget and
Management Research; the Director of Revenue and Taxation; the Director
of Administration; the Administrator of the Guam Economic Development
and Commerce Authority; the Chief Economist of the Department of Labor;
the Chief Economist of the Bureau of Statistics and Plans; and the
Administrator of Research and Evaluation (Research Manager) of the Guam
Visitors Bureau. Said Service shall meet from time to time to discuss and
COL 03072011
2 GCA LEGISLATIVE BRANCH
CH. 13 OFFICE OF FINANCE AND BUDGET
4
develop recommendations on economic policy, provide technical assistance
to the Office of Finance and Budget, and share information relative to the
state of the economy. The Chairperson of the Committee on Ways and
Means, or equivalent Standing Committee, shall serve as Chairperson of the
Special Economic Service.
SOURCE: Added by P.L. 29-002:VI:29 (May 18, 2007). Amended by P.L. 29-
019:VI:41 (Sept. 29, 2007).
§ 13109. Executive Branch Accounting, Financial, and Economic
Services.
I Maga’lahen Guåhan shall provide the Office of Finance and Budget
with any and all information and services it requires to fully execute this
Chapter.
(a) Reports The following reports shall be submitted to I
Liheslaturan Guåhan as indicated:
(1) No later than thirty (30) days after the end of each month
of a fiscal year, the Director of the Bureau of Budget and
Management Research shall report the revenue tracking for the
General Fund, the Tourist Attraction Fund, Solid Waste
Operations Fund (Tipping Fees), Territorial Education Facilities
Fund, and the Guam Highway Fund for the balance of the fiscal
year, based upon the actual collections of the preceding month,
and prepare a comparative statement of “actual” and “projected”
revenues. Such information shall be compiled in a report, in
collaboration with the Director of Revenue and Taxation and the
Director of Administration, certified by the Director of the
Bureau of Budget and Management Research, and submitted to
the Speaker of I Liheslaturan Guåhan no later than thirty (30)
days after the end of each month of the fiscal year;
(2) On January 30, 2008 and July 1, 2008, and on a
semiannual basis thereafter, the Director of the Bureau of Statistic
and Plans in coordination with Department of Labor shall report
the impact of federal expenditures, including projections of
federal expenditures on Guam, on Guam’s economic growth,
employment, tax revenues, and other variables, for the next year
compared with the previous five (5) years; identify significant
federal expenditures or potential expenditures on Guam affecting
military bases, installations, active duty and retired military
COL 03072011
2 GCA LEGISLATIVE BRANCH
CH. 13 OFFICE OF FINANCE AND BUDGET
5
personnel within Guam, as well as any impact of the changes in
these expenditures. Such information shall be compiled in a
report, certified by a majority of the members of the Special
Economic Service, and submitted to the Speaker of I Liheslaturan
Guåhan;
(3) On January 30, 2008 and July 1, 2008, and on a
semiannual basis thereafter, the General Manager of the Guam
Visitors Bureau in coordination with the Government of Guam’s
Chief Economist shall report the impact of tourism expenditures
on Guam’s economy and employment, including projections of
tourism expenditures on Guam, on Guam’s economic growth,
employment, tax revenues, and other variables, for the next year
compared with the previous five (5) years; identify significant
tourism expenditures or potential expenditures coming into Guam
affecting tourism as well as the impact of the changes in these
expenditures. Such information shall be compiled in a report,
certified by a majority of the members of the Special Economic
Service, and submitted to the Speaker of I Liheslaturan Guåhan;
and
(4) The Director of the Bureau of Budget and Management
Research shall report the long-range forecasts of revenues and
expenditures for each of the five (5) years immediately beyond
the budget year. Such information shall be compiled in a report,
certified by a majority of the members of the Special Economic
Service and submitted to the Speaker of I Liheslaturan Guåhan.
(5) (A) No later than fifteen (15) days after the end of the
third quarter of each fiscal year, I Maga’lahen Guåhan (the
Governor of Guam) shall make available in a report to the
Speaker of I Liheslaturan Guåhan and the Office of Finance
and Budget all correspondence between the United States
Department of the Treasury, the Department of Interior, the
Office of Insular Affairs, or its successor, and any other
entities of the United States Government related to prior and
future fiscal year estimates and reconciliations of duties, fees
and taxes (also referred to as Section 30 funds) remitted
prior to the commencement of the forthcoming fiscal year.
COL 03072011
2 GCA LEGISLATIVE BRANCH
CH. 13 OFFICE OF FINANCE AND BUDGET
6
(B) The report shall also contain the Section 30 Cash
Advance Request to the Secretary of the United States
Department of the Treasury or his representative for the
immediate forthcoming fiscal year.
(C) Prior to the issuance of the report outlined in
subsection (A), the Bureau of Budget and Management
Research and the Department of Revenue and Taxation shall
present to the Special Accounting Service all data and
information used to develop the request outlined in
subsection (B). The Special Accounting Service shall
evaluate and certify by a majority of members, concurrence
of the Section 30 Cash Advance Request by I Maga’lahi (the
Governor) or provide a revised recommendation.
(6) No later than fifteen (15) days after receipt of any United
States Department of the Treasury warrants issued to Guam
relative to transactions with the Internal Revenue Service,
pursuant to Section 30 of the Organic Act, or the Guam
Territorial Income Tax, I Maga’lahen Guåhan (the Governor of
Guam) shall transmit to the Speaker of I Liheslaturan Guåhan
and the Office of Finance and Budget all correspondence between
the United States Department of the Treasury, the Department of
Interior, the Office of Insular Affairs, or its successor, and any
other entities of the United States Government related to said
warrants.
(7) No later than fifteen (15) days after receipt of any United
States Department of the Treasury notice of garnishments, I
Maga’lahen Guåhan (the Governor of Guam) shall transmit to
the Speaker of I Liheslaturan Guåhan and the Office of Finance
and Budget all correspondence between the United States
Department of the Treasury, the Department of Interior, the
Office of Insular Affairs, or its successor, and any other entities of
the United States Government related to said garnishments.
(8) No later than fifteen (15) days after the end of the third
quarter of each fiscal year, I Maga’lahen Guåhan (the Governor
of Guam) shall transmit to the Speaker of I Liheslaturan Guåhan
and the Office of Finance and Budget the projected provision for
tax refund data by provision category by quarter for the most
COL 03072011
2 GCA LEGISLATIVE BRANCH
CH. 13 OFFICE OF FINANCE AND BUDGET
7
recent five (5) calendar years and the projection for theimmediate
forthcoming calendar year.
SOURCE: Added by P.L. 29-002:VI:29 (May 18, 2007). Amended by P.L. 29-
019:VII:12 (Sept. 29, 2007), P.L. 29-113:VI:53 (Sept. 30, 2008). Subsections (5), (6),
(7) and (8) added by P.L. 30-219:2 (Dec. 21, 2010) and effective upon enactment
pursuant to P.L. 30-219:3.
----------

Recommended

Fy2017 executive budget request (print version) by
Fy2017 executive budget request (print version)Fy2017 executive budget request (print version)
Fy2017 executive budget request (print version)ofbstaff
816 views240 slides
Fy11 supplemental appropriations act pl 31-74 by
Fy11 supplemental appropriations act   pl 31-74Fy11 supplemental appropriations act   pl 31-74
Fy11 supplemental appropriations act pl 31-74ofbstaff
578 views53 slides
5. program listing by
5. program listing5. program listing
5. program listingofbstaff
627 views42 slides
4. overview statements & activity descriptions by
4. overview statements & activity descriptions4. overview statements & activity descriptions
4. overview statements & activity descriptionsofbstaff
491 views79 slides
6. federal programs inventory by
6. federal programs inventory6. federal programs inventory
6. federal programs inventoryofbstaff
472 views16 slides
1. budget process by
1. budget process1. budget process
1. budget processofbstaff
319 views2 slides

More Related Content

Recently uploaded

Ending Stagnation: A New Economic Strategy for Britain by
Ending Stagnation: A New Economic Strategy for BritainEnding Stagnation: A New Economic Strategy for Britain
Ending Stagnation: A New Economic Strategy for BritainResolutionFoundation
1K views78 slides
November-2023 PPT roadsafetysuperoheros full slides.ppt by
November-2023 PPT roadsafetysuperoheros full slides.pptNovember-2023 PPT roadsafetysuperoheros full slides.ppt
November-2023 PPT roadsafetysuperoheros full slides.pptINDIAN YOUTH SECURED ORGANISATION
7 views30 slides
PPT - SIGMA-GIZ Academies - Topic 4 - Amenia - Citizen Feedback Platform.pdf by
PPT - SIGMA-GIZ Academies - Topic 4 - Amenia - Citizen Feedback Platform.pdfPPT - SIGMA-GIZ Academies - Topic 4 - Amenia - Citizen Feedback Platform.pdf
PPT - SIGMA-GIZ Academies - Topic 4 - Amenia - Citizen Feedback Platform.pdfSupport for Improvement in Governance and Management SIGMA
41 views8 slides
Support Girl students with Education by
Support Girl students with EducationSupport Girl students with Education
Support Girl students with EducationSERUDS INDIA
7 views6 slides
Pope Francis Address COP28 by
Pope Francis Address COP28Pope Francis Address COP28
Pope Francis Address COP28Energy for One World
14 views4 slides
Atlas of Military Compensation by
Atlas of Military CompensationAtlas of Military Compensation
Atlas of Military CompensationCongressional Budget Office
528 views5 slides

Recently uploaded(20)

Support Girl students with Education by SERUDS INDIA
Support Girl students with EducationSupport Girl students with Education
Support Girl students with Education
SERUDS INDIA7 views
COP28 President Launches Global Decarbonization Accelerator by Energy for One World
COP28 President Launches Global Decarbonization AcceleratorCOP28 President Launches Global Decarbonization Accelerator
COP28 President Launches Global Decarbonization Accelerator
Mapping location and co-location of industries at the neighborhood level - A... by OECD CFE
Mapping location and co-location of industries at the neighborhood level  - A...Mapping location and co-location of industries at the neighborhood level  - A...
Mapping location and co-location of industries at the neighborhood level - A...
OECD CFE7 views
COP28: Example of Formation of Negotiated Texts: Global StockTake by Energy for One World
COP28: Example of  Formation of Negotiated Texts: Global StockTakeCOP28: Example of  Formation of Negotiated Texts: Global StockTake
COP28: Example of Formation of Negotiated Texts: Global StockTake
COP 28 GHANA DELEGATES.docx by Kweku Zurek
COP 28 GHANA DELEGATES.docxCOP 28 GHANA DELEGATES.docx
COP 28 GHANA DELEGATES.docx
Kweku Zurek6.5K views
Dr. Fatima Kareem - 2023 ReSAKSS Conference.pptx by AKADEMIYA2063
Dr. Fatima Kareem - 2023 ReSAKSS Conference.pptxDr. Fatima Kareem - 2023 ReSAKSS Conference.pptx
Dr. Fatima Kareem - 2023 ReSAKSS Conference.pptx
AKADEMIYA20635 views
Dr. Paul Guthiga - 2023 ReSAKSS Conference.pptx by AKADEMIYA2063
Dr. Paul Guthiga - 2023 ReSAKSS Conference.pptxDr. Paul Guthiga - 2023 ReSAKSS Conference.pptx
Dr. Paul Guthiga - 2023 ReSAKSS Conference.pptx
AKADEMIYA20635 views
Financial sustainability of schemes managed by PHED in Punjab_Krishnakumar Th... by India Water Portal
Financial sustainability of schemes managed by PHED in Punjab_Krishnakumar Th...Financial sustainability of schemes managed by PHED in Punjab_Krishnakumar Th...
Financial sustainability of schemes managed by PHED in Punjab_Krishnakumar Th...

Featured

ChatGPT and the Future of Work - Clark Boyd by
ChatGPT and the Future of Work - Clark Boyd ChatGPT and the Future of Work - Clark Boyd
ChatGPT and the Future of Work - Clark Boyd Clark Boyd
26.2K views69 slides
Getting into the tech field. what next by
Getting into the tech field. what next Getting into the tech field. what next
Getting into the tech field. what next Tessa Mero
6.3K views22 slides
Google's Just Not That Into You: Understanding Core Updates & Search Intent by
Google's Just Not That Into You: Understanding Core Updates & Search IntentGoogle's Just Not That Into You: Understanding Core Updates & Search Intent
Google's Just Not That Into You: Understanding Core Updates & Search IntentLily Ray
6.7K views99 slides
How to have difficult conversations by
How to have difficult conversations How to have difficult conversations
How to have difficult conversations Rajiv Jayarajah, MAppComm, ACC
5.4K views19 slides
Introduction to Data Science by
Introduction to Data ScienceIntroduction to Data Science
Introduction to Data ScienceChristy Abraham Joy
82.5K views51 slides
Time Management & Productivity - Best Practices by
Time Management & Productivity -  Best PracticesTime Management & Productivity -  Best Practices
Time Management & Productivity - Best PracticesVit Horky
169.8K views42 slides

Featured(20)

ChatGPT and the Future of Work - Clark Boyd by Clark Boyd
ChatGPT and the Future of Work - Clark Boyd ChatGPT and the Future of Work - Clark Boyd
ChatGPT and the Future of Work - Clark Boyd
Clark Boyd26.2K views
Getting into the tech field. what next by Tessa Mero
Getting into the tech field. what next Getting into the tech field. what next
Getting into the tech field. what next
Tessa Mero6.3K views
Google's Just Not That Into You: Understanding Core Updates & Search Intent by Lily Ray
Google's Just Not That Into You: Understanding Core Updates & Search IntentGoogle's Just Not That Into You: Understanding Core Updates & Search Intent
Google's Just Not That Into You: Understanding Core Updates & Search Intent
Lily Ray6.7K views
Time Management & Productivity - Best Practices by Vit Horky
Time Management & Productivity -  Best PracticesTime Management & Productivity -  Best Practices
Time Management & Productivity - Best Practices
Vit Horky169.8K views
The six step guide to practical project management by MindGenius
The six step guide to practical project managementThe six step guide to practical project management
The six step guide to practical project management
MindGenius36.7K views
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright... by RachelPearson36
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
RachelPearson3612.7K views
Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present... by Applitools
Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...
Unlocking the Power of ChatGPT and AI in Testing - A Real-World Look, present...
Applitools55.5K views
12 Ways to Increase Your Influence at Work by GetSmarter
12 Ways to Increase Your Influence at Work12 Ways to Increase Your Influence at Work
12 Ways to Increase Your Influence at Work
GetSmarter401.7K views
Ride the Storm: Navigating Through Unstable Periods / Katerina Rudko (Belka G... by DevGAMM Conference
Ride the Storm: Navigating Through Unstable Periods / Katerina Rudko (Belka G...Ride the Storm: Navigating Through Unstable Periods / Katerina Rudko (Belka G...
Ride the Storm: Navigating Through Unstable Periods / Katerina Rudko (Belka G...
DevGAMM Conference3.6K views
Barbie - Brand Strategy Presentation by Erica Santiago
Barbie - Brand Strategy PresentationBarbie - Brand Strategy Presentation
Barbie - Brand Strategy Presentation
Erica Santiago25.1K views
Good Stuff Happens in 1:1 Meetings: Why you need them and how to do them well by Saba Software
Good Stuff Happens in 1:1 Meetings: Why you need them and how to do them wellGood Stuff Happens in 1:1 Meetings: Why you need them and how to do them well
Good Stuff Happens in 1:1 Meetings: Why you need them and how to do them well
Saba Software25.3K views
Introduction to C Programming Language by Simplilearn
Introduction to C Programming LanguageIntroduction to C Programming Language
Introduction to C Programming Language
Simplilearn8.4K views
The Pixar Way: 37 Quotes on Developing and Maintaining a Creative Company (fr... by Palo Alto Software
The Pixar Way: 37 Quotes on Developing and Maintaining a Creative Company (fr...The Pixar Way: 37 Quotes on Developing and Maintaining a Creative Company (fr...
The Pixar Way: 37 Quotes on Developing and Maintaining a Creative Company (fr...
Palo Alto Software88.4K views
9 Tips for a Work-free Vacation by Weekdone.com
9 Tips for a Work-free Vacation9 Tips for a Work-free Vacation
9 Tips for a Work-free Vacation
Weekdone.com7.2K views
How to Map Your Future by SlideShop.com
How to Map Your FutureHow to Map Your Future
How to Map Your Future
SlideShop.com275.1K views

2 GCA LEGISLATIVE BRANCH CH. 13 OFFICE OF FINANCE AND BUDGET

  • 1. COL 03072011 2 GCA LEGISLATIVE BRANCH CH. 13 OFFICE OF FINANCE AND BUDGET 1 CHAPTER 13 OFFICE OF FINANCE AND BUDGET SOURCE: This entire chapter, unless otherwise noted, was added by P.L. 29- 002:VI:29 (May 18, 2007). § 13101. Legislative Findings and Intent. § 13102. Creation of Office. § 13103. Budget of Office. § 13104. Purpose of Office. § 13105. Administration of Office. § 13106. Duties of Office. § 13107. Special Accounting Service. § 13108. Special Economic Service. § 13109. Executive Branch Accounting, Financial, and Economic Services. § 13101. Legislative Findings and Intent. I Liheslaturan Guåhan recognizes the need for the independent forecasting of government revenues, with the minimum goal of adopting the best econometric model for the government of Guam. There is a need to compile and provide to I Liheslaturan Guåhan, I Maga’lahen Guåhan and the public, forecasts of revenues no less than five (5) years immediately beyond the operating budget year; expenditure information no less than five (5) years past; consistent year-by-year analysis of the impact of federal expenditures on Guam's economy and employment; and information related to the formulation of short and long-term fiscal policy. Future fiscal policy must be consistent with government reorganization, performance-based budgeting, measurable program goals and transparency. The present relationship between traditional and performance-based budgeting is crucial to our fiscal maturity, a goal that requires improved articulation and standards to measure goal-driven objectives and practical technological applications in budget formulation. I Liheslaturan Guåhan, therefore, hereby creates the Office of Finance and Budget (“OFB”) to renew fiscal discipline through the practice of open government, cooperation between the legislative and executive branches, and the assignment of fiscal responsibility to appropriate government
  • 2. COL 03072011 2 GCA LEGISLATIVE BRANCH CH. 13 OFFICE OF FINANCE AND BUDGET 2 entities and officials, all to promote public confidence and government efficiency. § 13102. Creation of Office. There is hereby created, within I Liheslaturan Guåhan, under the supervision of the Committee on Ways and Means, or equivalent Standing Committee, the Office of Finance and Budget (“OFB”), organized and operating as I Liheslaturan Guåhan may from time to time provide through its Standing Rules. § 13103. Budget of Office. The budget of the OFB shall not be included as part of I Liheslaturan Guåhan’s annual operating budget. § 13104. Purpose of Office. The OFB shall administer this Chapter and perform the responsibilities assigned to it by law and the Standing Rules. It shall coordinate and gather information relevant to government revenue projections, fiscal policy, legislative appropriations, taxation, revenue collection, government expenditures, general fund revenues, and special fund revenues. § 13105. Administration of Office. The Chairperson of the Committee on Ways and Means, or equivalent Standing Committee, shall appoint a Director who shall administer the OFB and perform other duties as prescribed by law and the Standing Rules. The Director shall also be responsible for any and all matters assigned to OFB by the Chairperson of the Committee on Ways and Means, or equivalent Standing Committee. § 13106. Duties of Office. The Office of Finance and Budget shall: (a) develop and adopt a model for Guam's existing and projected economy that simulates the effect of revenue raising, the effect of any proposed benefits to said economy, optional revenue generation and the utility thereof; (b) compile and provide to I Liheslaturan Guåhan, I Maga'lahi and the public forecasts of revenue that do not consider new or
  • 3. COL 03072011 2 GCA LEGISLATIVE BRANCH CH. 13 OFFICE OF FINANCE AND BUDGET 3 increased taxes, fees or other revenue enhancements authorized by an Annual or Supplemental Operating Budget Bill, but that do consider current and prior year expenditures, surpluses and deficits; (c) assess the impact of federal expenditures on Guam; and (d) perform such other duties as are assigned to it by the Standing Rules of I Liheslaturan Guåhan or the Chairperson of the Committee on Ways and Means or the equivalent committee. SOURCE: Added by P.L. 29-002:VI:29 (May 18, 2007). Amended by P.L. 29- 019:VI:71 (Sept. 29, 2007). § 13107. Special Accounting Service. There is hereby established a Special Accounting Service work group comprised of a senior staff member of I Liheslaturan Guåhan’s Office of Finance and Budget; the Controller of the Department of Administration; the Chief of the Taxpayer Services Administration Branch of the Department of Revenue and Taxation; the Budget Analyst Supervisor of the Bureau of Budget and Management Research; the Chief Planner of the Bureau of Statistics and Plans; and the Chief Information Officer (CIO) of the Bureau of Information Technology (BIT). Said Service shall meet from time to time to discuss and develop recommendations on fiscal policy, provide technical assistance to the Office of Finance and Budget, and share information relative to government finances. The senior staff member of I Liheslaturan Guåhan’s Office of Finance and Budget shall serve as Chairperson of the Special Accounting Service. SOURCE: Added by P.L. 29-002:VI:29 (May 18, 2007). Amended by P.L. 29- 019:VI:41 (Sept. 29, 2007). § 13108. Special Economic Service. There shall be a Special Economic Service work group comprised of the Chairman of I Liheslaturan Guåhan’s Committee on Ways and Means, or equivalent Standing Committee; the Director of the Office of Finance and Budget; the Public Auditor; the Director of the Bureau of Budget and Management Research; the Director of Revenue and Taxation; the Director of Administration; the Administrator of the Guam Economic Development and Commerce Authority; the Chief Economist of the Department of Labor; the Chief Economist of the Bureau of Statistics and Plans; and the Administrator of Research and Evaluation (Research Manager) of the Guam Visitors Bureau. Said Service shall meet from time to time to discuss and
  • 4. COL 03072011 2 GCA LEGISLATIVE BRANCH CH. 13 OFFICE OF FINANCE AND BUDGET 4 develop recommendations on economic policy, provide technical assistance to the Office of Finance and Budget, and share information relative to the state of the economy. The Chairperson of the Committee on Ways and Means, or equivalent Standing Committee, shall serve as Chairperson of the Special Economic Service. SOURCE: Added by P.L. 29-002:VI:29 (May 18, 2007). Amended by P.L. 29- 019:VI:41 (Sept. 29, 2007). § 13109. Executive Branch Accounting, Financial, and Economic Services. I Maga’lahen Guåhan shall provide the Office of Finance and Budget with any and all information and services it requires to fully execute this Chapter. (a) Reports The following reports shall be submitted to I Liheslaturan Guåhan as indicated: (1) No later than thirty (30) days after the end of each month of a fiscal year, the Director of the Bureau of Budget and Management Research shall report the revenue tracking for the General Fund, the Tourist Attraction Fund, Solid Waste Operations Fund (Tipping Fees), Territorial Education Facilities Fund, and the Guam Highway Fund for the balance of the fiscal year, based upon the actual collections of the preceding month, and prepare a comparative statement of “actual” and “projected” revenues. Such information shall be compiled in a report, in collaboration with the Director of Revenue and Taxation and the Director of Administration, certified by the Director of the Bureau of Budget and Management Research, and submitted to the Speaker of I Liheslaturan Guåhan no later than thirty (30) days after the end of each month of the fiscal year; (2) On January 30, 2008 and July 1, 2008, and on a semiannual basis thereafter, the Director of the Bureau of Statistic and Plans in coordination with Department of Labor shall report the impact of federal expenditures, including projections of federal expenditures on Guam, on Guam’s economic growth, employment, tax revenues, and other variables, for the next year compared with the previous five (5) years; identify significant federal expenditures or potential expenditures on Guam affecting military bases, installations, active duty and retired military
  • 5. COL 03072011 2 GCA LEGISLATIVE BRANCH CH. 13 OFFICE OF FINANCE AND BUDGET 5 personnel within Guam, as well as any impact of the changes in these expenditures. Such information shall be compiled in a report, certified by a majority of the members of the Special Economic Service, and submitted to the Speaker of I Liheslaturan Guåhan; (3) On January 30, 2008 and July 1, 2008, and on a semiannual basis thereafter, the General Manager of the Guam Visitors Bureau in coordination with the Government of Guam’s Chief Economist shall report the impact of tourism expenditures on Guam’s economy and employment, including projections of tourism expenditures on Guam, on Guam’s economic growth, employment, tax revenues, and other variables, for the next year compared with the previous five (5) years; identify significant tourism expenditures or potential expenditures coming into Guam affecting tourism as well as the impact of the changes in these expenditures. Such information shall be compiled in a report, certified by a majority of the members of the Special Economic Service, and submitted to the Speaker of I Liheslaturan Guåhan; and (4) The Director of the Bureau of Budget and Management Research shall report the long-range forecasts of revenues and expenditures for each of the five (5) years immediately beyond the budget year. Such information shall be compiled in a report, certified by a majority of the members of the Special Economic Service and submitted to the Speaker of I Liheslaturan Guåhan. (5) (A) No later than fifteen (15) days after the end of the third quarter of each fiscal year, I Maga’lahen Guåhan (the Governor of Guam) shall make available in a report to the Speaker of I Liheslaturan Guåhan and the Office of Finance and Budget all correspondence between the United States Department of the Treasury, the Department of Interior, the Office of Insular Affairs, or its successor, and any other entities of the United States Government related to prior and future fiscal year estimates and reconciliations of duties, fees and taxes (also referred to as Section 30 funds) remitted prior to the commencement of the forthcoming fiscal year.
  • 6. COL 03072011 2 GCA LEGISLATIVE BRANCH CH. 13 OFFICE OF FINANCE AND BUDGET 6 (B) The report shall also contain the Section 30 Cash Advance Request to the Secretary of the United States Department of the Treasury or his representative for the immediate forthcoming fiscal year. (C) Prior to the issuance of the report outlined in subsection (A), the Bureau of Budget and Management Research and the Department of Revenue and Taxation shall present to the Special Accounting Service all data and information used to develop the request outlined in subsection (B). The Special Accounting Service shall evaluate and certify by a majority of members, concurrence of the Section 30 Cash Advance Request by I Maga’lahi (the Governor) or provide a revised recommendation. (6) No later than fifteen (15) days after receipt of any United States Department of the Treasury warrants issued to Guam relative to transactions with the Internal Revenue Service, pursuant to Section 30 of the Organic Act, or the Guam Territorial Income Tax, I Maga’lahen Guåhan (the Governor of Guam) shall transmit to the Speaker of I Liheslaturan Guåhan and the Office of Finance and Budget all correspondence between the United States Department of the Treasury, the Department of Interior, the Office of Insular Affairs, or its successor, and any other entities of the United States Government related to said warrants. (7) No later than fifteen (15) days after receipt of any United States Department of the Treasury notice of garnishments, I Maga’lahen Guåhan (the Governor of Guam) shall transmit to the Speaker of I Liheslaturan Guåhan and the Office of Finance and Budget all correspondence between the United States Department of the Treasury, the Department of Interior, the Office of Insular Affairs, or its successor, and any other entities of the United States Government related to said garnishments. (8) No later than fifteen (15) days after the end of the third quarter of each fiscal year, I Maga’lahen Guåhan (the Governor of Guam) shall transmit to the Speaker of I Liheslaturan Guåhan and the Office of Finance and Budget the projected provision for tax refund data by provision category by quarter for the most
  • 7. COL 03072011 2 GCA LEGISLATIVE BRANCH CH. 13 OFFICE OF FINANCE AND BUDGET 7 recent five (5) calendar years and the projection for theimmediate forthcoming calendar year. SOURCE: Added by P.L. 29-002:VI:29 (May 18, 2007). Amended by P.L. 29- 019:VII:12 (Sept. 29, 2007), P.L. 29-113:VI:53 (Sept. 30, 2008). Subsections (5), (6), (7) and (8) added by P.L. 30-219:2 (Dec. 21, 2010) and effective upon enactment pursuant to P.L. 30-219:3. ----------